A handy overview of New York co-op apartments with a how-to guide and research resources for finding information about them.

1. Let’s Co-op erate!
How to find
information
about New York
co-operative
apartments
Based on an Intelligent Edge guest blog post by
Kelly Labrecque

2. Understanding what makes co-ops
different and knowing where to find
information will help you determine
ownership and valuation.

3. Recording a co-op
sale is completely
different from
registering a condo
or townhouse
It can be tricky, though…

4. Stick around, we’ll be your guides!

5. What are
co-op
apartments?
(and why are they called
a “co-op,” anyway?)

6. A co-operative
apartment building
is owned by a
corporation of owners
and governed
by a board of
directors.

7. 740 Park Avenue
Famous
Manhattan co-op
buildings include:

8. Famous
Manhattan co-op
buildings include:
1040 Fifth Avenue

9. Famous
Manhattan co-op
buildings include:
The Beresford

10. Famous
Manhattan co-op
buildings include:
The San Remo

11. (Just to name a few)

12. Unlike condominiums, townhouses,
and single-family homes...
• You don’t actually own your unit.
• Co-op buyers purchase shares in the building
corporation, and in return they are granted
the right to occupy a specific apartment.
• This is called a proprietary lease.

13. Buyers must demonstrate financial liquidity
• Some buildings require liquid assets of up to four
times the apartment’s purchase price
• Some do not allow any financing at all
Co-op buying 1-2-3

14. Potential buyers must undergo a rigorous
review by the co-operative’s board of directors
– The buyer must divulge personal, legal, and
financial information
– Boards have the final say; even A-list celebrities
with ready cash have been rejected from the most
exclusive buildings
Co-op buying 1-2-3

15. Co-op boards develop and enforce building rules, like…
 What, how, when and where you can renovate
 If you can sublet your apartment
 What types of pets are allowed
• They also assess maintenance fees,
resolve disputes, and keep tabs on
everything.
Co-op buying 1-2-3

16. Co-op
Research
Resources

17. How to confirm ownership
• When a co-op is purchased, the owner
receives a shares certificate and real property
transfer tax (RPTT) is paid to the city.
• The RPTT document provides:
 the grantor/grantee names
 unit(s) involved in the transaction
 the sales price (based on taxes paid)

18. How to confirm ownership
• If financing is involved, the mortgage lender
will file a Uniform Commercial Code (UCC)
financing statement.
• The UCC statement provides:
 the borrower
 the lender
 the unit(s) involved in the transaction

19. Find RPTT and UCC statements
Free at ACRIS
–Search by name and address/unit number
via parcel ID
–Convert addresses to parcel IDs here.

20. Another great tool
• Search by name, address, or assessor’s parcel
number for any property in the United States
• Access RPTT documents, UCC financing
statements, building characteristics, and recent
sales transactions within the building
• Handy for discovering neighbors

21. Still searching?
Try finding “comps”
– Comparable units in the same building with the
same number of rooms and similar square
footage.
– Look for units with the same letter-ending
(i.e. #2G, #3G, #4G).

22. Great tools for comparables
City Realty
StreetEasy
Douglas Elliman

23. The bottom line
• Finding information about co-ops can be
tricky and time-consuming, but…
• info is available if you know where to look.
• Follow market trends if you spend a lot of
time researching prospects with co-ops.

24. For more information
Visit the HBG Research Resources pages for
more useful resource links
http://www.helenbrowngroup.com/hbg-resources/

25. Call us at 617-393-1983
info@HelenBrownGroup.com
www.HelenBrownGroup.com